JSW Steel has signed an agreement with Laptev Finance to acquire Welspuns’s high grade steel plates and coils unit (PCMD Business) worth Rs8.4bn, according to a company statement.
In March 2019, Welspun had signed a business agreement with Laptev Finance for the sale of thia business unit worth Rs10mn. On March 31, 2021, Laptev assigned all its rights and obligations under the Business Transfer Agreement to JSW Steel.
The acquisition is a part of a strategic deal to expand its value added and special products portfolio.
As a part of the deal, JSW would also purchase land belonging to PCMD Business from Welspun Steel for Rs15mn.